THE Loss and Damage Fund (L&DF), agreed on in COP27, is considered a historic triumph for climate-vulnerable developing countries in the global South. Encouragingly, it came off as an early success and the highlight of the first day at the COP28, which is currently taking place in the UAE. It took developing countries almost three decades to convince the international…
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PAKISTAN is one of the countries most vulnerable to climate change. It has paid a massive cost over the years due to recurring climate events that not just destroy infrastructure, but also livelihoods, while having a very high human cost. The floods that ravaged the southern half of the country led to direct losses of more than $30 billion, while…
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DUBAI: The United Arab Emirates said Friday it is launching a new $30 billion private investment fund focused on climate projects in developing countries. The oil-rich host of the crunch United Nations COP28 climate negotiations in Dubai said it hopes the fund, called Alterra, will stimulate investments totalling $250 billion by 2030. “I am pleased to announce the establishing of…
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ISLAMABAD: Prime Minister Anwaar-ul-Haq Kakar on Friday visited the Pakistan Pavilion at COP28 in the UAE, emphasizing the critical nature of ongoing climate negotiations. During the visit, the prime minister appreciated the Pakistan delegation for its noteworthy efforts in contributing to the negotiations and facilitating the operationalization of Loss and Damage Fund. Notably, the prime minister took a moment to…
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ISLAMABAD: The Federal Board of Revenue (FBR) has clarified that the exemption of sales tax previously available on import and supply of solar panels and accessories was withdrawn and subsequently restored to the extent of photovoltaic cells only. According to a legal clarification issued by the FBR Policy Wing, the exemption of sales tax on import and supply of solar…
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ISLAMABAD: As the maximum petroleum levy (PL) on petrol can not exceed Rs 60 per litre without parliamentary approval, the state-owned Pakistan State Oil (PSO) was allowed a downward rupee exchange rate adjustment of Rs 3.21 per litre with effect from December 1-15, 2023. The rupee was allowed to depreciate by Rs 10.96per dollar for PSO on November 16, 2023…
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ISLAMABAD: An inter-ministerial meeting has decided to convene a meeting with local manufacturers of solar panels, glass, inverters, etc., to identify the policy gaps in Solar Panel and Allied Equipment Manufacturing Policy 2023 and prepare the roadmap for its implementation. The meeting presided over by Joint Secretary (LED), Ministry of Industries and Production was attended by representatives from the Special…
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World Bank says women, educated populace more concerned about climate change impacts ISLAMABAD: Pakistan’s GDP is anticipated to experience a decline of 18 to 20 per cent by the year 2050 due to the escalating impact of severe weather-related events, environmental degradation, and rampant air pollution, the World Bank has warned. In its report, titled ‘Climate Silence in Pakistan,’ the…
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ISLAMABAD: The Minister of Planning, Development and Special Initiatives reviewed progress on the Integrated Energy Planning (IEP) project for sustainable development and termed it would help in tackling the energy crisis in the country. The Caretaker Minister for Planning, Development and Special Initiatives, Muhammad Sami Saeed, on Thursday, chaired a meeting to progress on the Integrated Energy Planning (IEP) project.…
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ISLAMABAD: Fauji Cement Company Limited (FCCL) has successfully commissioned its Greenfield Cement Manufacturing Plant on Thursday, having production capacity of 6,500 tons per day of clinker at Shadan Lund, District Dera Ghazi Khan. With commencement of operation of new line, the total cement production capacity of the company has increased to 10.6 million tons per annum and establishes Fauji Cement…
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